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On January 1,2023, The Pronghorn Company received a 4-year promissory note that had a face...

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Accounting

On January 1,2023, The Pronghorn Company received a 4-year promissory note that had a face value of $1,015,000, and a stated interest rate of 6%. Interest was receivable on January 1 each
year. The note was issued to yield an effective interest rate of 8%. The Pronghorn Company is publicly traded, uses the effective interest method of amortization for discounts or premiums, and has an April 30 year end. Prepare the journal entry to record the receipt of the note on January 1,2023. Prepare any required accrual entry at the companys year end April 30,2023.
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